Advantages of Taxation Services Provider in India

Advantages of Taxation Services Provider in India

A particular amount of money paid by employees and business men according to their annual income is called Income Tax.There are various organizations which render taxation services India, to help people in filing an income tax return. In India, a person has to pay tax if his/her income is above a certain level set by the government of India, whether he/she is working or a pensioner. However, if his/her annual income is below to the level set by the government of India than he/she is not liable to pay Income tax.

Income tax in India is levied according to the source of income, for example; employment income, pension income, income from a business, income from a property, savings and investment income, etc. In India, residential status of a person is important to file an income tax return, as there are only three kinds of residents, who are considered for filing an income tax return, and they are:

1. Ordinary Residents: A person living in India for more than one hundred and eighty-two days of a fiscal year needs to pay income tax.

2. Non- ordinary Residents: A person who does not live in India for more than one hundred and eighty-two days of a fiscal year. He/she has to pay income tax for the income collected in India.

3. Non Residents: A person who is living outside India for more than 7 to 9 years is considered as a non-resident. He/she is entitled to pay income tax only for the income produced in India.

Moreover, in the fiscal year 2010-2011, there is some sort of income limits which have been exempted from income tax, and they are:

1. Men citizens who earn maximum upto Rs. 1, 60,000/annually.

2. Women citizens who earn maximum upto Rs. 1, 90,000/annually.

3. Senior citizens, who are more than 65 years of age having income upto Rs. 2,40,000/annually

4. Income attained by agricultural source is also exempted from income-tax

5. The investments made in Central Government Health Scheme (CGHS) are considered as tax free.

6. The tax discount of Rs. 20,000 is granted for investments in certain investment bonds.

Moreover, there are various tax penalties, which can be imposed on anyone for various reasons. However, to avoid them everyone should always take the help from taxation services provider India. Some of these service providers also provide asset tracking solution India.

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